Penny stock Cannabis Science (OTCPK:CBIS+31.6%) continues it torrid up move on a whopping 108M-share turnover. Shares have climbed almost four-fold in October. Today, the company announced that it is negotiating for two new drug development properties: a 200-acre parcel in California and a 100-acre site in Nevada. The additions would increase its total capacity to over 10M square feet.

Cannabis develops medical products derived from one or more cannabinoid compounds.

Cannabis Science (OTCQB:CBIS) forms a joint venture with Unistraw Holdings Pte. Ltd., to develop cannabinoid-based foods, nutraceuticals and medical products. CBIS will own 50.5% of the JV and Unistraw will own 49.5%.

In a regulatory filing, Cannabis Science (CBIS+20.5%) discloses that COB and President Robert Melamede, Ph.D., resigned on May 20. The same day, he sold 500k Series A preferred shares to Bogat Family Trust for $500.

Minnesota state senators vote 48-18 in favor of legalizing physician-prescribed medical marijuana. The bill will permit up to 55 dispensing centers around the state although the health commissioner could approve additional sites.

Patients could legally possess up to 2.5 ounces of pot to be ingested in pills, oils or vaporized just shy of combustion. Smoking weed would still be illegal.

The bill allows for a research study to assess the effects of medical marijuana in pill or liquid form in patients with severe illnesses.

The Senate's version differs from the House's version so more work needs to be done before it passes over the Governor's desk.

Colorado is off to a fast start collecting tax revenue from the sale of medicinal and recreational marijuana. According to Forbes, the state's January take was $1.5M for the former and $2M for the latter. The bulk of sales happen in Denver county.

The fully-burdened tax rate can be as high as 21.1% on pot consumers.

The state also charges a 15% "retail marijuana excise tax" that is levied on the first sale or transfer from a cultivation facility.

The state now faces the political problem about how and where to spend the money.